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Reasons Why Cryptocurrency Traders Should Take Dogecoin Seriously

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The cryptocurrency market has become a happy hunting ground for millions of traders spread across the globe nowadays. Along with the decentralized method of payment and transaction of these currencies, the vast number of available currencies is also grabbing the attention of several investors around the world. Under the circumstances, the competition to achieve a decent market capitalization and coin price is becoming increasingly difficult for the relatively newer coins.

Among the eighteen hundred currencies currently available in the market, there are very few currencies that exhibit considerable stability amidst market turmoil. Dogecoin certainly belongs to the group of such digital currencies. While the most popular cryptocurrency Bitcoin is going through severe ups and downs within a matter of weeks or even days, the price of Dogecoin seems to remain almost entirely unaffected.

Although Dogecoin started its journey as a “joke”, the distinct features of this coin and its gradual technical developments have helped Dogecoin to acquire a commendable market capitalization (Approximately $340 Million on 29th March 2018). In 2017, an article of Dogecoin was published in the renowned newspaper The New York Times. The article consisted of severe animadversion of this cryptocurrency and vindication of the fact that Dogecoin was indeed a “joke” even after spending more than three years in the market.

Here, a few aspects of this currency would be discussed highlighting the fact why it is not really a mere “joke” and why investors should take this currency seriously.

The Bitcoin Myth:    

Dogecoin was developed by a developer residing in Portland, Oregon named Billy Markus. The initial purpose of developing this coin is to reach a broader demographic than Bitcoin and distancing it from the controversial histories other cryptocurrencies. In the recent article published in The New York Times, Dogecoin was vilified as a half-baked concept tailor-made for inexperienced and gullible traders. It was also mentioned unequivocally that Dogecoin’s logo is an insignificant emulation of Bitcoin with a dog’s picture.

In a recent interview, Ross Nicoll, the head architect behind this cryptocurrency debunked this very popular Bitcoin myth with considerable proof. According to his statement, Dogecoin is constantly undergoing updates and developments to improve its blockchain system and to implement new features. The imminent introduction of the Doge-Ethereum bridge project was also mentioned which would allow this cryptocurrency to make the most of Ethereum’s smart contract.

Also, one of the obvious facts that debunk this myth is the technology of Dogecoin. Unlike many other currencies, Dogecoin’s blockchain is completely independent of Bitcoin. This digital currency actually is a lot faster than Bitcoin in carrying out transactions and also considerably more stable. Being the sixth cryptocurrency ever designed, Dogecoin shares similarity in technology with Litecoin and Namecoin and it is well known to the traders that Litecoin’s Scrypt algorithm is completely different from Bitcoin’s SHA-256.

Advantages over Bitcoin:   

  1. Stability amidst Market Turmoil: The market price and overall market capitalization do not fluctuate as much as that of Bitcoin. By the end of February 2018, Bitcoin’s price plummeted significantly and went below the $10,000 mark. The incident affected the entire cryptocurrency market severely with a few exceptions. Dogecoin was among those exceptions as its algorithm does not depend on Bitcoin.
  2. Faster Transaction: Dogecoin takes lesser time than Bitcoin for block processing. As a result, the transaction speed is a lot faster in case of this cryptocurrency.
  3. Convenience: Apart from a faster transaction system, the transaction fee is significantly lower for Dogecoin. This broadens the range of investors and users who are about to get involved in the crypto-market.

Current Scenario and Speculation:

One Dogecoin is currently equivalent to approximately $0.003 and holds the 41st position on Coinmarketcap. Despite so much negative publicity, this currency has managed to become one of the most frequently used cryptocurrencies in the world. Keeping the volatility of the cryptocurrency market in mind, it can be inferred that Dogecoin has proved to be anything but a “joke” and with regular technical developments, it can become a valuable asset for cryptocurrency traders by the end of this year.

We will be updating our subscribers as soon as we know more. For the latest on DOGE, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Kevin Dooley via Flickr

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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